fetching latest news
News tagged in:
The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, is meant to transport gas from offshore Israel and Cyprus to Greece and on to Italy. The pipeline is planned to initially carry 10 billion cubic meters of gas/year with the possibility of eventually doubling the capacity.
Energy ministers of Greece, Cyprus and Israel are expected to sign EastMed subsea pipeline agreement in Athens on Thursday. The collaboration has aimed to reach a final investment decision in 2022 and completion by 2025. The 1900 km long pipeline will be transporting natural gas from eastern Mediterranean’s developing gas industries to Europe. The pipeline project is owned by IGI Poseidon, a joint venture between Greek gas firm DEPA and Italian energy group Edison.
There has been a violent break out with the Gaza militants in Israel. This made the ministry of Israel take a decision to temporarily stop the supply of natural gas from the offshore field Tamar. This might be a problem for the nation because Israel receives its major natural gas supply from Tamar which has its production platform off the coast.
Paz Oil, Israel's largest refined oil products distributor, has announced that it has extended its contract for two years with the Palestinian Authority. This contract extension is regarding the sales of petroleum products in the West Bank and Gaza Strip. Paz Oil will also provide maintenance and equipment under the agreement which will last till the end of year 2020.
According to the source, Ratio Oil Exploration, an Israel company, will sign a deal related to the search of oil and gas in the Philippines. This deal is a long- awaited one. Back in 2015, the company was awarded an Exploration deal, a 416,000-hectare East Palawan block of Palawan. This award got delayed because of several legal issues related to the previous exploration contract of that block.
The board of directors of Energean Oil and Gas PLC has approved the Final Investment Decision (FID) to go ahead with Karish and Tanin Development Project, offshore Israel worth $1.6 billion. The project will be developed through a newly built and owned FPSO gas treatment which would offer flexible infrastructure solution and potentially expand the scope for additional projects.